Ensuring suitable mortgage product advice for Ontarians – Join webinar & share feedback

The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to help ensure Ontario consumers are receiving mortgage products that are right for them and their family. 

Today, FSRA is proposing Guidance that explains how the mortgage brokering sector can demonstrate that the recommendations they provide to consumers are based on consumers’ specific needs and circumstances. 

FSRA is also proposing changes to two of its forms to make them easier to understand and to raise the profile of important information to promote transparency. 

Last year, FSRA reviewed a sample of private mortgages arranged by mortgage brokerages and found that most of the transactions did not clearly show how the mortgage products were deemed suitable for clients. 

Mortgage professionals need to take responsible steps to establish that they have made suitable mortgage product recommendations, which include documenting how the product recommendations meet each client’s specific needs.

The consultation period is now open and will close on February 28, 2024.

Save the date
Join FSRA live online for an overview of the proposed Mortgage Product Suitability Assessment Guidance and an interactive Q&A session.

Wednesday, January 24, 2024
12-12:30 p.m. ET

Register now

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FSRA continues to work on behalf of all stakeholders, including consumers, to promote financial safety, fairness, and choice for everyone.

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